TSYS Supports Apple Pay in the U.K.

June 08, 2015 04:00 PM Eastern Daylight Time

COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS® (NYSE: TSS) announced today it will help support secure
transactions and facilitate enablement for issuers in processing
transactions from Apple Pay, the easy, secure and private way to pay,
when it launches in the U.K. next month.

Through TSYS Enterprise TokenizationSM, the company’s
plug-and-play tokenization solution, issuers as well as retailers can
take full advantage of Apple Pay. Payment card information will be more
secure for purchases made with Apple Pay online in apps and via NFC
enabled POS terminals.

Security and privacy is at the core of Apple Pay. When a credit or debit
card is added to Apple Pay, the actual card numbers are not stored on
the device, nor on Apple servers. Instead, a unique Device Account
Number is assigned, encrypted and securely stored in the Secure Element
on the consumer’s mobile device. Each transaction is authorized with a
one-time unique dynamic security code, instead of using the security
code from the back of the payment card.

TSYS’ solutions support Apple Pay, the multiple parties in the payments
ecosystem and the consumers they serve. Bank card issuers and consumers
will all benefit from TSYS’ solutions that support secure payments and
commerce.

The adoption of digital payments is on the rise. In the U.K. alone,
mobile payments are projected to rise to £53.6 billion ($70.61B) in the
next ten years, and 75 percent of the U.K. population is expected to
have a smartphone by 20191.

“TSYS’ support of Apple Pay is a landmark opportunity for us and
demonstrates our people-centered approach to payments for all parties in
the payments ecosystem,” said M. Troy Woods, chairman, president and
chief executive officer, TSYS. “Our number one priority is security for
the banks and retailers we serve, so their customers can conduct their
lives with confidence and convenience. Apple Pay will change the face of
the mobile payments industry and our role in the digital marketplace.”

At TSYS® (NYSE: TSS), we believe payments should revolve
around people, not the other way around. We call this belief
People-Centered Payments®. By putting people at the center of
every decision we make, TSYS supports financial institutions, businesses
and governments in more than 80 countries. Through NetSpend®,
A TSYS Company, we empower consumers with the convenience, security, and
freedom to be self-banked. TSYS offers issuer services and merchant
payment acceptance for credit, debit, prepaid, healthcare and business
solutions.

TSYS’ headquarters are located in Columbus, Ga., U.S.A., with local
offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a
member of The Civic 50 and was named one of the 2015 World’s Most
Ethical Companies by Ethisphere magazine. TSYS routinely posts all
important information on its website. For more, please visit us at www.tsys.com.